The Madras high court has granted stay on referring two stressed power projects to NCLT. The court heard the plea of IL&FS seeking extension of deadline to refer its project to NCLT by 60-90 days. “IL&FS matter was heard today and has been listed for tomorrow.
SBI has been asked to file a written submission and the court has directed there will be no action till hearing,” sources said. In a separate case filed by RKM Powergen, the high court listed the matter for next Monday and directed no action till then .
The deadline to refer unresolved stressed plants ends Tuesday. The resolution process for IL&FS Cuddalore 1200-mw plant has been stalled by an asset restructuring company that holds a small portion of the debt.
Lenders to RKM Powergen’s 1440-mw Ucchpinda plant in Chhattisgarh decided to restructure debt without ownership change but a last minute glitch hurdled the process. Read More